Exam 2: The Recording Process

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. 1. Barry Cain invested $38000 cash to start an appliance repair business. 2. Hired an employee to be paid $500 per week starting tomorrow. 3. Paid two years' rent in advance $10800. 4. Paid the worker's weekly wage. 5. Recorded revenue earned and received for the week $2900.

A T-account is

Haselhof Company purchases equipment for $2400 and supplies for $700 from Behrman Co. for $3100 cash. The entry for this transaction will include a

Customarily a trial balance is prepared

The double-entry accounting system is the basis of accounting systems

At October 1 2016 Medina Co. had an accounts payable balance of $50000. During the month the company made purchases on account of $35000 and made payments on account of $48000. At October 31 2016 the accounts payable balance is

A debit to an account indicates an increase in that account.